Saint Rose prepares to weather economic storm
President Sullivan focuses on enrollment and conservative budget measures
Cecelia Martinez
Issue date: 1/28/09 Section: News
The far-reaching effects of a what President Obama calls a "sick" economy have caused turmoil at many area colleges. Tuition hikes at University at Albany and the layoff of 98 employees at Rennselaer Polytechnic Institute (RPI) have many students at The College of Saint Rose concerned about their academic future.
Saint Rose President R. Mark Sullivan addressed these concerns in his opening remarks during a Presidents Day presentation on January 8, 2009.
"Even at a time when all of us in higher education are facing severe budget constraints, there are no constraints on thinking about implementing new ideas," Sullivan said.
Some of these new ideas include an inventive partial hiring freeze, the increase and restructuring of the student financial aid budget, and an agressive approach to new enrollment recruitment.
Saint Rose has not been as adversely affected by the economy as some other schools in the region. The majority of private colleges have an endowment fund. An endowment is like a savings account that is continually reinvested. Like the investment portfolios and 401k savings of many people across the country, the endowment funds of many colleges have lost money due to the poor economy. A January 14 article in The Business Review stated that the endowment fund at RPI had dropped by 20%, and Sullivan remarked in his Presidents Day speech that some colleges had lost over $10 billion.
While the Saint Rose endowment did take a hit of 18% last year, Saint Rose does not use any of its endowment for operational costs - unlike many other private colleges.
Instead, 97% of the operation budget at Saint Rose comes from enrollment-related income - otherwise known as tuition.
According to Sullivan, Saint Rose has met its enrollment goal for the spring 2009 semester and has exceeded its goals for transfer and graduate students for spring 2009.
In addition, Saint Rose has accepted about 200 more students than last year. The goal is to convert these accepted students into enrolled students to maintain the necessary amount of revenue.
Saint Rose President R. Mark Sullivan addressed these concerns in his opening remarks during a Presidents Day presentation on January 8, 2009.
"Even at a time when all of us in higher education are facing severe budget constraints, there are no constraints on thinking about implementing new ideas," Sullivan said.
Some of these new ideas include an inventive partial hiring freeze, the increase and restructuring of the student financial aid budget, and an agressive approach to new enrollment recruitment.
Saint Rose has not been as adversely affected by the economy as some other schools in the region. The majority of private colleges have an endowment fund. An endowment is like a savings account that is continually reinvested. Like the investment portfolios and 401k savings of many people across the country, the endowment funds of many colleges have lost money due to the poor economy. A January 14 article in The Business Review stated that the endowment fund at RPI had dropped by 20%, and Sullivan remarked in his Presidents Day speech that some colleges had lost over $10 billion.
While the Saint Rose endowment did take a hit of 18% last year, Saint Rose does not use any of its endowment for operational costs - unlike many other private colleges.
Instead, 97% of the operation budget at Saint Rose comes from enrollment-related income - otherwise known as tuition.
According to Sullivan, Saint Rose has met its enrollment goal for the spring 2009 semester and has exceeded its goals for transfer and graduate students for spring 2009.
In addition, Saint Rose has accepted about 200 more students than last year. The goal is to convert these accepted students into enrolled students to maintain the necessary amount of revenue.
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